24 FEBRUARY 2016Business Recorder
LME aluminium to test support at $1,563
Edited by : AL CIRCLE
1 min read
LME aluminium is expected to test a support at $1,563 per tonne, a break below which could cause a loss to the next support at $1,549.
These supports are identified respectively as the 86.4 per cent and the 76.4 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the January 7 low of $1,451.50.
This wave has stopped around a key resistance at $1,581, the 100 per cent level. Chances are it may have completed. Only a rise above $1,581 could signal its extension towards $1,600, the 114.6 per cent level.
These supports are identified respectively as the 86.4 per cent and the 76.4 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the January 7 low of $1,451.50.
This wave has stopped around a key resistance at $1,581, the 100 per cent level. Chances are it may have completed. Only a rise above $1,581 could signal its extension towards $1,600, the 114.6 per cent level.
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